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RUSSIA: Wimm-Bill-Dann posts flat nine-month profits

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  • Net income down 0.1%
  • Sales down 27.3% on 2008
  • Beverage division sales down

Wimm-Bill-Dann, the Russian drinks and dairy group, has reported a drop in sales and seen net profits dented by devaluation of the ruble in the first nine months of 2009.

Net income in US dollars dipped 0.1% to US$109.4m for the period ended 30 September, compared to the same period of last year, the company said today (25 November).

On a constant currency basis (in rubles), net income increased by 33.1% year-on-year in the first nine months of the year.

Sales fell by 27.3% to reach US$1.59bn, while operating income dropped by 8.5% to $1.77m.

The company's beverage division saw sales drop 18.5% to $303.4m in the first nine months, as the negative exchange rate partially offset good volume growth.

The average dollar selling price decreased 20.7% to $0.75 per litre. Gross margins in drinks increased slightly due to lower concentrate costs.

Tony Maher, Wimm-Bill-Dann's CEO, said: "For almost two years now Wimm-Bill-Dann has been demonstrating margin improvement and market share gains. This is no small achievement and is a result of our continued focus on streamlining our business and enhancing consumer loyalty."

Click here for the full earnings release.

For an update, following the group's conference call, click here.


Sectors: Soft drinks, Water

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